Morgan Stanley (MS) recorded a first quarter jump in earnings with a 55% increase as higher revenue from its institutional securities business augmented another strong quarter from wealth management. Per Reuters:
The sixth-largest U.S. bank by assets reported net income applicable to the company of $1.45 billion, or 74 cents per share, compared with $936 million, or 48 cents per share, a year earlier.
Morgan Stanley's shares rose 2.8 percent to $30.74 in pre-market trading on Thursday.
Although volumes were lower across most fixed-income businesses, Morgan Stanley said revenue from fixed-income and commodities sales and trading rose to $1.7 billion, a 13 percent increase from a year earlier.